Boston Scientific disclosed on Wednesday that it has been impacted by a cyberattack affecting its operations, which has resulted in a 4.5% drop in its share price. The $72 billion medical device manufacturer reported that the attack is hindering access to its information systems and applications, including shipment services.
The company is actively working to restore these functions, but it has not provided a specific timeline for full restoration. Analysts from Piper Sandler, after speaking with company management, suggested that it may take weeks for Boston Scientific to return to normal operations, although they believe that shipping of all products could resume in less than three weeks.
This disruption is particularly detrimental as Boston Scientific is already experiencing slowing sales growth, following a weak profit forecast issued in the first quarter. The inability to process and ship orders will likely have a negative impact on the company's sales during this period